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Accounts - Principles of Accounts Past Questions

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2821

The purpose of keeping Sales and Purchases Ledger Control Account is to 

  • A. match credit ids Sales and credit purchases
  • B. equate debtors balance to creditors balance
  • C. verify total debtors and total creditors balances
  • D. determine cash sales and cash purchases
View Answer & Discuss WAEC 2017
2822

Which of the following items will appear in the Total Creditors Account? 

  • A. Discount allowed
  • B. credit sales
  • C. Discount received
  • D. cash purchases
View Answer & Discuss WAEC 2017
2823

A disadvantage of single entry system of book-keeping is that 

  • A. the profit for the period is reduced
  • B. it is difficult to determine profit for the period
  • C. total sales for the period is reduced
  • D. the owner of the firm withdraws money from the enterprise
View Answer & Discuss WAEC 2017
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2824

Which of the following accounts or statements is used to determine credit purchase figures in incomplete records?

  • A. Bank Account
  • B. Control Account
  • C. Profit and Loss Account
  • D. Statement of Affairs
View Answer & Discuss WAEC 2017
2825

A trader sells goods at an average margin of 20%. His cost of sales for the month amounted to N720,000. What is his profit figure? 

  • A. N900,000
  • B. N864,000
  • C. N840,000
  • D. N180,000 
View Answer & Discuss WAEC 2017
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